going to continue to see, particularly in the first half of the year, the demand for products from michael kors do well. second half of the year is a different story and perhaps the turnaround of tiffany's to be the name for the second half. >> meantime, r.j., i think you would agree retail remembers scrambling right now because consumer confidence is plunging. three reports in a row that have been pretty dismal. >> yeah, i would agree. i think we're looking for a bit of a pullback in 2013, not only due to the fiscal cliff issues that will become more aware, especially when we see january paychecks hit, but we've had a great three-year run in consumer discretionaries so we think there's a bit of a pullback in store for 2013. as a result, we like the guys who can bring the lowest cost to the consumers at any given times, names like costco, names like amazon. >> i'm going to play the devil's advocate here for a second because we're always told never doubt the power of the american consumer. is it possible, is it possible that when people see their paychecks going down because of higher taxes